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Utopia Talk / Politics / FTX Democrat Ponzi Scheme
nhill
Member
Tue Nov 15 22:26:35
Soooo... looks like the FTX crypto exchange was an elaborate ponzi scheme to fund the DNC.

The net result of FTX is that billions of dollars was stolen from crypto investors to give to Democrat-aligned politicians, nonprofits, and journalists.

Ironically, this is the exact problem crypto fixes. You can't do this without people knowing in our new financial infrastructure.

So the DNC has simultaneously stolen billions from crypto investors, and discredited crypto in the eyes of low-IQ idiots without capacity for critical thought, and, at the same time, demonstrated why it's so important we get off legacy financial systems and onto the new paradigm.

Shit's crazy.
nhill
Member
Tue Nov 15 22:30:07
New York Times wrote a puff piece on SBF, the FTX CEO who just ran a ponzi scheme to fleece 8 billion dollars from the public, while simultaneously writing hit pieces about Jesse Powell, the Kraken CEO, one of the few honest centralized crypto exchanges, who's only "crime" was saying men are more smarter than women and pronouns are dumb.

Wack AF.
nhill
Member
Tue Nov 15 22:30:42
http://www...n-fried-crypto-bankruptcy.html

In less than a week, the cryptocurrency billionaire Sam Bankman-Fried went from industry leader to industry villain, lost most of his fortune, saw his $32 billion company plunge into bankruptcy and became the target of investigations by the Securities and Exchange Commission and the Justice Department.

But in a wide-ranging interview on Sunday that stretched past midnight, he sounded surprisingly calm. “You would’ve thought that I’d be getting no sleep right now, and instead I’m getting some,” he said. “It could be worse.”

The empire built by Mr. Bankman-Fried, who was once compared to titans of finance like John Pierpont Morgan and Warren Buffett, collapsed last week after a run on deposits left his crypto exchange, FTX, with an $8 billion shortfall, forcing the firm to file for bankruptcy. The damage has rippled across the industry, destabilizing other crypto companies and sowing widespread distrust of the technology.

Besides some Twitter posts, messages to employees and occasional texts to reporters, Mr. Bankman-Fried, 30, has said little publicly over the last week. In the interview on Sunday, he voiced numerous regrets over the collapse of FTX.

But he would offer only limited details about the central questions swirling around him: whether FTX improperly used billions of dollars of customer funds to prop up a trading firm that he also founded, Alameda Research. The Justice Department and the S.E.C. are examining that relationship.

Alameda had accumulated a large “margin position” on FTX, essentially meaning it had borrowed funds from the exchange, Mr. Bankman-Fried said. “It was substantially larger than I had thought it was,” he said. “And in fact the downside risk was very significant.” He said the size of the position was in the billions of dollars but declined to provide further details.

Mr. Bankman-Fried did, however, agree with critics in the crypto community who said he had expanded his business interests too quickly across a wide swath of the industry. He said his other commitments had led him to miss signs that FTX was running into trouble.

“Had I been a bit more concentrated on what I was doing, I would have been able to be more thorough,” he said. “That would have allowed me to catch what was going on on the risk side.”

Mr. Bankman-Fried, who is based in the Bahamas, declined to comment on his current location, citing safety concerns. Lawyers for FTX and Mr. Bankman-Fried did not respond to requests for comment.

Mr. Bankman-Fried’s fall has stunned the crypto world. But in recent months, warning signs had emerged that his business empire was in peril and that his ambitions exceeded his grasp, according to interviews with nine of his colleagues and business partners, as well as internal messages obtained by The New York Times.

Image

Casually dressed young men gather in a room decorated with a bright blue carpet, red walls adorned with yellow images.
Crypto enthusiasts at a conference in April in Nassau, Bahamas, where FTX is based.Credit...Erika P. Rodriguez for The New York Times
As he embarked on a buying spree this year, investing in beleaguered crypto companies, he wasn’t sharing information with key staff. When he was told that he was overextended and was encouraged to hire more employees, he resisted the suggestions. And in Washington, he was pushing an ambitious regulatory agenda while speaking critically about Changpeng Zhao, the chief executive of the rival exchange Binance, who eventually mobilized his extensive Twitter following to set off the run on FTX.

Despite the billions that venture capital firms put into the company, FTX had none of those outside investors on its board. In the Bahamas, Mr. Bankman-Fried led a sometimes cloistered existence, surrounded by a small coterie of colleagues, some of whom were in romantic relationships with other FTX employees, according to four people familiar with the matter. He and his top lieutenants lived together in a penthouse in Albany, a 600-acre oceanside resort on the island of New Providence in the Bahamas.

Asked whether he was overly dependent on that small group, Mr. Bankman-Fried said his circle of close colleagues numbered about 15. “Realistically speaking, I don’t think anyone can maintain close contact and close communication with more than 15 people,” he said.

The relationship between Alameda and FTX was the root of Mr. Bankman-Fried’s downfall. He founded the trading firm in 2017 and rented offices in Berkeley, Calif., not far from where he had grown up as the son of Stanford Law professors. Soon the company made millions of dollars exploiting inefficiencies in the Bitcoin market.

In 2019, Mr. Bankman-Fried relocated the company to Hong Kong, a friendlier regulatory environment. He moved with a small band of traders — including Caroline Ellison, a former trader at the financial firm Jane Street — and went on to start FTX, a marketplace for crypto investors to buy, sell and store digital assets.

Changpeng Zhao, the chief executive of Binance, initially agreed to buy FTX in what would have amounted to a bailout.Credit...Benoit Tessier/Reuters
FTX and Alameda were closely linked. Alameda traded heavily on the FTX platform, meaning it sometimes benefited when FTX’s other customers lost money, a dynamic that critics called a conflict of interest. In the past, Mr. Bankman-Fried has defended the arrangement, saying Alameda provided crucial liquidity — injections of capital that enabled other customers to complete transactions on the exchange.

Alameda was run by Ms. Ellison, but Mr. Bankman-Fried was also involved, contributing to the decision-making on big trades, a person familiar with the company’s inner workings said. At times, there did not appear to be much of a firewall between the businesses. Alameda was supposed to operate out of a separate office, but a guest who visited FTX’s complex in recent months said Ms. Ellison had been sitting within view of computers displaying the exchange’s trading data.

In addition to Mr. Bankman-Fried and Ms. Ellison, the circle of executives running the crypto operation in the Bahamas included Nishad Singh, FTX’s director of engineering; Gary Wang, the exchange’s chief technology officer; and Ramnik Arora, the head of product.

Mr. Bankman-Fried moved FTX to the Bahamas in 2021, drawn by a regulatory setup that allowed him to offer risky trading options that weren’t legal in the United States. On the exchange, investors could borrow money to make big bets on the future value of cryptocurrencies.

He lived in a five-bedroom penthouse in the Albany resort’s Orchid building, with Ms. Ellison, Mr. Singh, Mr. Wang and six others. Mr. Bankman-Fried and Ms. Ellison were at times romantically involved, two people said.

Mr. Bankman-Fried said he and Ms. Ellison were no longer in a romantic relationship but declined to comment further. Ms. Ellison did not respond to a request for comment. Many details of the relationships among FTX’s leadership team were previously reported in the crypto publication CoinDesk.

Mr. Bankman-Fried’s circle of colleagues was bound by a commitment to effective altruism, a charitable movement that urges adherents to give away their wealth in efficient and logical ways. For co-workers outside the clique, it was sometimes difficult to get time to speak with Mr. Bankman Fried, a person familiar with the matter said. And Mr. Bankman-Fried made it a point of pride that FTX had only about a 300-person staff, much smaller than its top rivals, Binance and Coinbase.

Even as he kept hiring down, Mr. Bankman-Fried built an ambitious philanthropic operation, invested in dozens of other crypto companies, bought stock in the trading firm Robinhood, donated to political campaigns, gave media interviews and offered Elon Musk billions of dollars to help finance the mogul’s Twitter takeover.

Mr. Bankman-Fried said he wished “we’d bitten off a lot less.”

“The venture stuff was probably not really worth it given the attention that it took,” he said, referring to his investments in other companies.

Perhaps Mr. Bankman-Fried’s most ambitious aim was to shape crypto regulation in Washington, where he testified to Congress and met with regulators. He also used his growing influence in the capital to criticize his biggest rival, Mr. Zhao, in private meetings, people familiar with the matter said.

Mr. Bankman-Fried, testifying before a Senate committee in February, made ambitious efforts to shape federal crypto regulation.Credit...Saul Loeb/Agence France-Presse — Getty Images
Attacking Mr. Zhao “was not a good strategic move on my part,” Mr. Bankman-Fried said on Sunday. “I was pretty frustrated at a lot of what I saw happening, but I should’ve understood that it was not a good decision of me to express that.”

A former investor in FTX, Mr. Zhao still owned a large amount of FTT, a cryptocurrency that FTX invented to facilitate trading on its platform. On Nov. 6, Mr. Zhao announced on Twitter that he was selling the FTT, spooking customers who rushed to withdraw their FTX deposits.

“We won’t pretend to make love after divorce,” Mr. Zhao wrote on Twitter. “We won’t support people who lobby against other industry players behind their backs.”

When FTX collapsed, Mr. Zhao initially agreed to buy the exchange in what would have amounted to a bailout. But soon the deal fell through, after Binance found problems in the company’s financials. In a Signal group chat that included Mr. Bankman-Fried and other FTX representatives, Mr. Zhao posted a curt note, according to two people familiar with the matter. “Sam, I’m sorry,” he wrote, “but we won’t be able to continue this deal. Way too many issues. CZ.”

Mr. Bankman-Fried scrambled to line up new financing. “I shouldn’t throw stones in a glass house, so I’ll hold back a bit,” he said in a message to employees obtained by The Times. “Except to say: probably they never really planned to go through with the deal.”

Meanwhile, at a meeting with Alameda employees on Wednesday, Ms. Ellison explained what had caused the collapse, according to a person familiar with the matter. Her voice shaking, she apologized, saying she had let the group down. Over recent months, she said, Alameda had taken out loans and used the money to make venture capital investments, among other expenditures.

Around the time the crypto market crashed this spring, Ms. Ellison explained, lenders moved to recall those loans, the person familiar with the meeting said. But the funds that Alameda had spent were no longer easily available, so the company used FTX customer funds to make the payments. Besides her and Mr. Bankman-Fried, she said, two other people knew about the arrangement: Mr. Singh and Mr. Wang.

The meeting was previously reported by The Wall Street Journal. Mr. Singh did not respond to a request for comment, and Mr. Wang could not be reached. According to a person familiar with FTX’s finances, the exchange lent as much as $10 billion to Alameda.

As FTX has crumbled, Mr. Bankman-Fried has been “working constructively with regulators, bankruptcy officials and the company to try to do what’s best for consumers,” he said on Sunday.

His management of FTX is now the subject of an inquiry by federal prosecutors in New York, who have begun contacting possible witnesses, according to a person familiar with the matter. Others associated with FTX have started reaching out to lawyers for potential representation, said several people briefed on the matter. FTX is being represented in the investigations and the bankruptcy by the law firm Sullivan & Cromwell, while lawyers from Paul Weiss are representing Mr. Bankman-Fried.

In the interview, Mr. Bankman-Fried declined to discuss the prospect of prison time.

“People can say all the mean things they want about me online,” he said. “In the end, what’s going to matter to me is what I’ve done and what I can do.”

He has also found other ways to occupy his time in recent days, playing the video game Storybook Brawl, though less than he usually does, he said. “It helps me unwind a bit,” he said. “It clears my mind.”

Shortly before the interview, Mr. Bankman-Fried had posted a cryptic tweet: the word “What.” Then he had tweeted the letter H. Asked to explain, Mr. Bankman-Fried said he planned to post the letter A and then the letter P. “It’s going to be more than one word,” he said. “I’m making it up as I go.”

So he was planning a series of cryptic tweets? “Something like that.”

But why? “I don’t know,” he said. “I’m improvising. I think it’s time.”

Matthew Goldstein, Erin Griffith and Ephrat Livni contributed reporting

Sam Bankman-Fried, who was a cryptocurrency billionaire, lost nearly his entire fortune over the past week.
nhill
Member
Tue Nov 15 22:31:57
Not a single mention of how he's a bigger criminal than Bernie Madoff, but there is a nice little blurb about Storybook Brawl, one of SBF's pet projects.

Reward for stealing $8B? Free advertisement space in the NYT.
nhill
Member
Tue Nov 15 22:34:06
SBF's mom was Hillary Clinton's Lawyer.

Alameda (the loosely affiliated market maker that stole the funds) CEO's dad was SEC Chair, Gary Gensler's, old boss.

FTX's new CEO, John J. Ray, III, was the lawyer brought on to clean up Enron in '07.
nhill
Member
Tue Nov 15 22:35:32
Some factoids
- SBF is the 2nd highest democratic donor
- He wrote an article in 2012 about the $ cost of a vote
- Biden elects Gary Gensler as SEC Chair
- Caroline's (Alameda CEO) Dad was Gensler's previous boss at MIT
- USA used FTX was used to transfer billions to Ukraine
- FTX was started 13 days after the Biden campaign fired up.
nhill
Member
Tue Nov 15 22:39:15
SBF'S mother is founder of Democrat SuperPAC "Mind the GAP" (MTG)
nhill
Member
Tue Nov 15 22:40:21
The only donor bigger than SBF to the Democratic party was George Soros.
nhill
Member
Tue Nov 15 22:48:45
How did this work?

Pretty simple, people deposited funds into FTX and used it to trade financial instruments. Not just crypto, BTW. They had a financial instruments for predicting election wins/losses, select stocks, and a bunch of other random stuff.

Alameda was the market maker (basically a hedge fund that stimulates market action by filling market orders for a small cut) for FTX.

Alameda took out a shitload of loans to start/buy a bunch of shitty illiquid crypto projects.

The collateral they put up for the loans was usually their own security, $FTT.

It's a bear market, so everything is down 50-99%. The loan originators called in on the loans.

How does Alameda pay them when all they own shitty illiquid crypto projects?

Simple, they take the money customers deposited on the FTX exchange to pay off the loans.

They were hoping a bull market would start and nobody would notice.

How did people notice?

The only way to know you can't withdraw your money is to withdraw your money.

About a week ago people got paranoid (or insider knowledge) and started withdrawing billions.

FTX froze withdrawals because they ran out of money. The money that was supposed to be kept for the exact purpose of withdrawals (that's how exchanges work, they hold onto the fiat/crypto currency for you in case you ever want to move it somewhere else).

And they claimed they had enough money to cover all withdrawals by uses marked-to-market prices of tokens, yet those tokens market-to-market price would collapse if they converted them because there isn't demand for shitty illiquid crypto projects in a bear market.

Here we are.

Any questions?
Jesse Malcolm Barack
Member
Tue Nov 15 22:53:16
http://www...kers-return-ftx-money-00067009

"The FTX scandal is prompting lawmakers from both parties to symbolically give up campaign contributions from the crypto exchange’s top executives"

"Campaigns for Reps. Chuy García (D-Ill.) and Kevin Hern (R-Okla.) have given local charities money equal to the amount they received from FTX leaders"
Jesse Malcolm Barack
Member
Tue Nov 15 22:53:53
"Salame gave roughly $24 million to Republicans."
nhill
Member
Tue Nov 15 22:54:51
BTW, the kicker is that NONE of this has anything to do with crypto technology.

This was all legacy banking stuff wrapped in a crypto facade. People bought fake crypto coins, because the real ones never actually existed except in a fictional database of M2M values of illiquid shitcoins.

Crypto has thrived throughout this whole debacle... DeFi volumes and usage is up.

The price of the tokens has suffered, for sure. But if your only understanding of crypto is how much it is worth relative to USD...well you have a long way to go my friend. I'm happy to help.
McKobb
Member
Tue Nov 15 23:01:42
so sam was trying to put regulations on crypto which pissed cz off, then ironically transferred user funds to prop up his side piece. cz pissed at regulations and smelling blood started a run on ftx which ironically may hit crypto harder than regulations cuz fomo only lasts for so long.

I need to write Game of Coins about this
nhill
Member
Tue Nov 15 23:07:02
Yeah JMB, I'm sure giving up their donations after elections is super relevant. Jesus Fking Christ. How do you even figure out to work a toilet.
nhill
Member
Tue Nov 15 23:09:20
McKobb

CZ and Sam are both pro-regulation. The problem with Sam is he and Gary Gensler fuck each other in the ass, and Gensler, as recompense, was trying to fuck CZ in the ass, in this case, unwillingly.

You know, Gensler, the Democratic head of the SEC, right? Gensler, the student of the Dad of Alameda's CEO? Heard of him?
nhill
Member
Tue Nov 15 23:13:58
The silver lining is that people that kept their funds on FTX learned a hard lesson. Crypto is a far superior financial services layer than anything else that exists today.

Next time maybe they'll be smart and put the coins in their own wallet.

NOT YOUR KEYS NOT YOUR COINS
nhill
Member
Tue Nov 15 23:16:30
Before someone links the Vox article, I'd like to pre-emptively shut you the fuck up:

http://www.vox.com/2020/1/7/21020439/support-future-perfect
nhill
Member
Tue Nov 15 23:17:44
Future Perfect seeks to tell stories about the world’s problems — problems that are big and neglected, and that most people in the US don’t hear about nearly often enough. These are problems where tremendous progress is possible with just a bit more resources and attention.

It’s a project by Vox’s writers and editors to carve out a space, away from the regular news cycle, to cover and think about crucially important issues that are currently undercovered.

Since its founding in 2018, Future Perfect has been able to pursue its mission thanks in part to philanthropic and foundation support, as well as financial contributions from readers.

We continue to seek new and innovative ways to fund the work we’re doing and ensure the health of Future Perfect for years to come. If you are interested in supporting Future Perfect with a grant or large gift, please contact us.

We are grateful for all contributions to Future Perfect (though we should note that contributions are not considered charitable donations). Future Perfect prizes its editorial independence, and all editorial decisions are made separately from fundraising and commercial considerations.

Future Perfect thanks the following donors for their support since our launch in 2018:

Rockefeller Foundation (2018-2019)
James McClave (2020)
Animal Charity Evaluators (2020-2021)
BEMC Foundation (2021-2023)
Building a Stronger Future (2022-2023)
Thanks to support from the BEMC Foundation — a grant-making organization committed to outstanding charities and causes promoting high-impact opportunities for saving and improving lives throughout the world — Future Perfect brought in our first class of fellows in 2021 and added more staff. We’ve also engaged in greater collaboration with Vox Video and Vox’s The Weeds podcast, and are gearing up for an expansion of the Future Perfect podcast and the continuation of the fellows program in the coming months.

In 2022, Future Perfect received a grant from Building a Stronger Future, a family foundation run by Sam and Gabe Bankman-Fried, to support a project on technological and innovation bottlenecks that hamper human progress, which we plan to launch in 2023.

Vox also accepts general financial contributions of any amount. If you’d like to help support Future Perfect and Vox in that way, please go here to make a contribution.

----

Here's the text in case they delete.
Dukhat
Member
Tue Nov 15 23:21:44
" Crypto is a far superior financial services layer than anything else that exists today."

Comedy gold.
nhill
Member
Tue Nov 15 23:24:22
Come back to me when you know what an if statement is kiddo.
nhill
Member
Tue Nov 15 23:27:21
BTW not a single crypto-native user was affected by this whole debacle. Hasn't caused any issues. DeFi code is still working exactly as it was before, and will continue working until the end of time.

Suck it.
McKobb
Member
Tue Nov 15 23:28:41
so that cooch and greed tore a hole large enough for all of crypto to get fucked
nhill
Member
Tue Nov 15 23:29:42
Crypto is unaffected. Perhaps you meant to say the USD value of risk assets?

Crypto is code. It did not get fucked one bit.
McKobb
Member
Tue Nov 15 23:36:07
nah I meant crypto as is colloquially defined
nhill
Member
Tue Nov 15 23:42:01
Inaccurate, but fair enough.

Most don't know what crypto is, so the colloquialism is merely a representation of the USD value.
McKobb
Member
Tue Nov 15 23:49:57
why do you think people get into crypto? grq, value storage,and fomo for the most part, for shady players privacy. i doubt many give a shit about how it works
nhill
Member
Tue Nov 15 23:55:30
A sad obfuscation of one of the greatest technological innovations of the past 20 years. The truth will surface eventually, took time for the Internet to catch on also. :) DeFi is three years old.
McKobb
Member
Wed Nov 16 00:11:02
I've been using the internet since the mid 80's, maybe i'm just getting old but i'm not keen on the potential yet, doesn't mean it's not there it's just not my gig.

value wise it seems to use manufactured scarcity tied to strong verification to create a commodity that wants to be a fiat substitute that has no where near earned trust enough to buy a burger with it.

transactual verfication wise it seems bloated, but as i said i don't really care to know much about it

scamming wise it is a gold mine, you don't even have to phish much just dangle bait and rug pull

look at nft's. it was said it was a way for creators to lock down their ip. complete shit
Nimatzo
iChihuaha
Wed Nov 16 01:27:53
It seems to real falling out, the straw that broke the camels back in the CZ SBF relationship is that SBF was behind the Luna attack that led to the depeg of UST and ultimate collapse. SBF was also behind an attack on binance in 2019.

The guy was a vandal, as if he was actively trying to wreck things at times. For whatever reason, there is an Epstein smell to the entire thing.
LazyCommunist
Member
Wed Nov 16 01:41:24

"The net result of FTX is that billions of dollars was stolen from crypto investors to give to Democrat-aligned politicians, nonprofits, and journalists."

8 Billions are missing, how many were given?
Dukhat
Member
Wed Nov 16 09:40:46
SBF was not the 2nd-biggest donor. That's just what it says on a picture circulating on social media. He was top 5 though probably. Soros and Bloomberg are by far number 1 and 2 and donate through a wide array of entities. Bloomberg gets ignored because he donates all over the place.

At any rate, SBF donated like $39 million according to that meme picture. He apparently stole billions so it looks like donations were mostly just "virtue-signalling" and obfuscating the overall much bigger scam.
nhill
Member
Wed Nov 16 13:23:24
You're the only kid here browsing memes on social media.

http://for...ic-party-second-biggest-donor/
nhill
Member
Wed Nov 16 13:27:44
McKobb

Those are technical misunderstandings. NFTs are not a way for creators to lock down their IP. They are ways to attach non-fungible data to the blockchain.

Yes, nobody understands it yet. That much is obvious. The Internet as we know it (the world wide web) was invented in the early 90s. The 80s had the precursor, which was TCP/IP and you could do a few things such as browse bbs boards.

Crypto is going through the same lifecycle. Bitcoin was the TCP/IP of crypto. Now we are starting to see a web of interoperable protocols emerge built on top of the same concept.

In 10-20 years nearly everything you do online will be through or on top of crypto. Anyone that builds crypto software coming from a traditional software development background will tell you the same. There's simply too many advantages in the paradigm for it to not pick up.
nhill
Member
Wed Nov 16 13:29:17
"It seems to real falling out, the straw that broke the camels back in the CZ SBF relationship is that SBF was behind the Luna attack that led to the depeg of UST and ultimate collapse. SBF was also behind an attack on binance in 2019.

The guy was a vandal, as if he was actively trying to wreck things at times. For whatever reason, there is an Epstein smell to the entire thing."

Epstein was behind the digital currency initiative at MIT, where Gary Gensler taught the courses and was mentored by Caroline's (SBF's lover and CEO of their market maker Alameda) dad.

If it smells of Epstein that's because his hand is all over it.
Habebe
Member
Wed Nov 16 13:58:00
How can that girl be have been so rich and ugly? Like circus ugly.
nhill
Member
Wed Nov 16 14:00:49
>8 Billions are missing, how many were given?

$39 million was direct donations, the other $7+ billion was done through lobbyists, journalists, and a "wide array of entities", as Dukhat so eloquently put it.

You can't say SBF donated less than Bloomberg because Bloomberg's donations are obfuscated. Out of the two, SBF knows far more about obfuscation. Quite obviously, I hope.
nhill
Member
Wed Nov 16 14:02:28
>How can that girl be have been so rich and ugly? Like circus ugly.

http://blu...s/2021/07/glenn-ellison-1.webp

Look at her dad.
nhill
Member
Wed Nov 16 14:32:24
Speaking of her dad, Glenn Ellison, he works at MIT and is in charge of the Digital Currency initiative that was sponsored and funded by Jeffrey Epstein and its courses were taught by Gary Gensler, the current Democratic Chairperson of the SEC.
Nimatzo
iChihuaha
Wed Nov 16 15:02:08
"Epstein was behind the digital currency initiative at MIT, where Gary Gensler taught the courses and was mentored by Caroline's (SBF's lover and CEO of their market maker Alameda) dad."

Holy sit, I missed this. This pit is bottomless.
nhill
Member
Wed Nov 16 15:26:32
A bottomless pit of shit to be sure.

I was wondering how the oligarchy would try to discredit crypto, but, gotta hand it to them, I did not predict them stealing $8B from crypto investors AND discrediting it (in the eyes of the ignorant) at the same time.

Say what you will, but they are pretty smooth operators.

Thankfully you can't stop code, and you can't stop the builders. Onwards and upwards.
nhill
Member
Wed Nov 16 15:28:05
Also, The New York Times is more of a cesspool than I thought. Absolutely zero credibility. Negative credibility, in fact.
Nimatzo
iChihuaha
Wed Nov 16 17:01:47
Unfortunate, but true. This will act like a shit stain on all things crypto, despite it being a good old centralized fraud.
Habebe
Member
Wed Nov 16 17:42:51
Nimatzo, I think that depends which narrative takes hold.

Its interesting to watch it unfold. Left media doesn't mention he was one of the top donors to Democrats and just portrays him as a nice guy who wanted to donate "his" fortune away to help the world.

Right wing media frames it entirely as a Democrat scam and possibly a Ukrainian money laundering scheme.
Nimatzo
iChihuaha
Thu Nov 17 03:21:08
lol and now in the Vox interview he throws ”regulators” on the trash heap as well. Yea, all the ”regulation good” stuff was also a fraud. To be honest, not many ways out of this other than to light everything on fire.
Habebe
Member
Thu Nov 17 04:11:33
I mean, crypto aside, if my investment bank was making obscene profits and moved its operations to the bahamas* to be run by a bunch of 30 yrnold meth heads...it probably should have raised some red flags anyway.
nhill
Member
Thu Nov 17 07:39:53
Quote from the Enron liquidator now in charge of FTX:

I have over 40 years of legal and restructuring experience. I have been the

Chief Restructuring Officer or Chief Executive Officer in several of the largest corporate failures
in history. I have supervised situations involving allegations of criminal activity and
malfeasance (Enron). I have supervised situations involving novel financial structures Enron
and Residential Capital) and cross-border asset recovery and maximization (Nortel and Overseas
Shipholding). Nearly every situation in which I have been involved has been characterized by
defects of some sort in internal controls, regulatory compliance, human resources and systems
integrity.
Never in my career have I seen such a complete failure of corporate
controls and such a complete absence of trustworthy financial information as occurred here.
From compromised systems integrity and faulty regulatory oversight abroad, to the concentration
of control in the hands of a very small group of inexperienced, unsophisticated and potentially
compromised individuals, this situation is unprecedented.

——

Literally unprecedented levels of malfeasance here. SBF must burn.
nhill
Member
Thu Nov 17 07:52:51
http://pac...com/33/188450/042020648197.pdf
Nimatzo
iChihuaha
Thu Nov 17 08:11:54
"in the hands of a very small group of inexperienced, unsophisticated and potentially
compromised individuals"

Brutal.

Every day that goes the details get worse. Even as SBF tries to explain in tweets and interviews, he just makes it worse.

Nimatzo
iChihuaha
Fri Nov 18 11:42:33
You read this stuff and then watch SBF getting patted on the back by Bill Clinton and realize his charms made them feel hopeful about the future. Nope the kids are fucked in the head actually running a financial empire high on meth.

The movie script requires no editing and involves the global financial and power elite. It's more the flavor and angle the studio that picks this up will have to decide on, was it just some kids that gamed the game and slunk through the nets or the more sinister Epstein and WEF angle?
Habebe
Member
Fri Nov 18 12:19:48
Why is it not considered foreign interference for Sam, a citizen of the Bahamas to donate to inpact Has elections.
Habebe
Member
Fri Nov 18 12:53:05
So apparently the federal government of the bahamas was acting as a custodian of some of his assets. The assumption being so they are not seized?

So, the 2020 election was rigged in favor of Biden by foreign governments and their allies to a FAR greater effect than anything under Trump.

Where is the outrage?
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